Attorneys: Commercial Real Estate Attorney?
Question by Wizard1: Attorneys: Commercial Real Estate Attorney?
What role do commercial real estate attorneys play in a commercial transaction? Are they necessary? I worked for a commercial real estate broker briefly and don’t recall ever dealing with an attorney. Do they make more money than a residential real estate attorney? (I’m going to law school next year and thinking about focusing on real estate law, as I already have a real estate degree and I like the field). Thank you for any insights you may be able to give.
Best answer:
Answer by Gina M
It all depends on what state you are in. Some states require a lawyer to close any real estate transaction and other states require an escrow to close a real estate transaction.
Know better? Leave your own answer in the comments!
You must be in a state where the closings are held without attorneys. The realty brokers write the contracts and the escrow company closes the sale.
A commercial realty attorney would be good to “craft” a purchase contract that would be specific to one piece of property. Better than a preprinted contract that an agent pulls out of a drawer.
Mostly the attorneys are used to clean up the problems that occur later. Suing sellers for undisclosed underground gasoline tanks; sinkholes; undisclosed easements.
And they are used to evict tenants. They appear in court so the landlord can stay at work.